Output Comovement and Inflation Dynamics in a Two‐Sector Model with Durable Goods: The Role of Sticky Information and Heterogeneous Factor Markets
研究了美国耐用品和非耐用品部门在货币政策冲击下产出正向联动但通胀延迟响应的现象，通过引入粘性信息和异质性生产要素解释了这一模式，并发现住房部门的信息粘性大于非耐用品部门。
Abstract In the United States, the inflation and output of durable and nondurable goods respond to a monetary policy shock in the same direction with a delay. However, the existing New Keynesian dynamic stochastic general equilibrium models that generate the positive output comovement cannot explain this delayed response in sectoral inflation. We show that adding sticky information to both goods along with heterogeneous factors of production can explain the observed patterns in sectoral inflation and output. Moreover, in line with recent empirical findings, the estimated information stickiness is larger for housing than for nondurable goods and services.